**The Tax Tsunami On The Horizon: A Must Read-trust me

Idiots still don't understand that the rich do not make their money from a paycheck.

Steve Jobs gets paid 1.00 a year in labor from Apple (a violation of minimum wage laws I might add).

If you have to get up in the morning and punch a time-clock, you aren't rich and you never will be rich.



[edit on 22-7-2010 by mnemeth1]

If the Federal Government of the United States would reduce its military budget by even 15%, THAT would make a HUGE dent in the "need" for these expected tax rate hikes.

If Obama (or any other administration for that matter) wanted to usher in real change in Washington, they'd reduce the size and scope of the military, and in particular they'd curtail the use of the American military as an arm of imperialism.

reply to post by MarkusMaximus


If we would cut welfare programs and entitlement spending just 5% we would solve the problem or put a major dent in it.

Originally posted by anon72
reply to post by MarkusMaximus

 

If we would cut welfare programs and entitlement spending just 5% we would solve the problem or put a major dent in it.

True, but we outspend the rest of the globe combined by about 15 times (or more) on military expenditures.

Compared to the rest of the world, we spend much less on "welfare."

Originally posted by LOLZebra
Why stop at 39.6% ?

Let's be more like the euro-socialists and hike that 35% up to 59% so we can be more like DENMARK (the happiest nation in the world!)

just wanted to respond to that line, as a resident of said country !
Dont believe what the MSM is telling you (happiest ppl in the world, Bah) Actually i would dare to say that most danes dont like paying 40% in tax on their income ,and then pay 25% in VAT on items they buy in stores.(the 40& is on LOW incomes btw)
just wanted to point out that if MSM say people are happy ,dosnt mean they actually are.

reply to post by MarkusMaximus


I really don't care how we rate with the rest of the world. I know it would be true because of our strong military.

And, our welfare-if spent correctly and on the one who really need it would be the best in the world. But the way it is now, if you are breathing, a minority or illegal-you get welfare.

But, to show I am not a complete hard-ass, I would be willing to give those same people all the welfare needed....... If they submit to ramdom drug testing, show up every Monday morning at the Free employment help centers and do the assigned task the Gov't masters assign them to earn that money (sweeping streets/parks, little pick up, building painting, child care etc etc etc).

No More $$$ for Nothing attitude.

The size and scope of the US military can be reduced without hindering our ability to protect ourselves.
It would reduce our ability to play "RISK" all over the globe, but that's fine.

The death tax is one of the worst .

Look at it this way.

Dad started a business when I was not out of grade school . Threw the years I have worked mainly for the family business. Forgoing higher paying jobs for the family shop . Even when I worked other places I still worked for the family store in one capacity or another .

We took our standard of living from living in a 8X50 trailer to Dad having a home free and clear in a good neighborhood and me a home in the country small but with a little land free and clear.

Our business went from a rented piece of land to 2 locations and a third for future development 2 are free and clear and 1 still has a note.

We always followed to rules and paid taxes on EVERY little think. Dad and us built this business from the ground up with the sweat of our brow the hard work and determination of heart .

Now for being successful when Dad dies the government wants a piece of the action. We built these assets over 35 years forgoing a vacation for a new truck for the crews a new piece of machinery or a raise for a pay raise for the employees .

If you look at the numbers. 1.5 m of assets 10% death tax that's 150,000 the business and family will have to come up with to keep what Dad and us built with our blood sweat and tears . The economy today Dad and the rest cut wages of us to keep good employees and up grade the company . A 10% tax on his assets would be = to a yearly profit of the company in today's economy.

Isnt it hard enough to lose a loved one ?
Then having to get the company going again after the founders death ?
Then the government hits you again with a tax on things taxed when bought taxed every year for property tax taxed for licensees profit taxes for employment roles.

Dad paid taxes for the land when bought for the buildings to be built and every year after wards on property tax ! Assets are taxed for a business so the real estate is taxed both as a property tax ans a business asset ! Death tax forces another tax on things ALREADY TAXED several times!

The HOPE AND CHANGE

is really

HOPE THERE IS CHANGE LEFT IN OUR POCKETS after they are done !

and if they find out there is any change

They will TAX that TO !

Originally posted by kozmo
reply to post by Logarock

 

when the most productive of society are penalized for their excellence, they will no longer strive for excellence as there is no point in putting forth the effort to have the fruits of that labor confiscated.

This is already happening via the pyramid scheme of the current form of Capitalism we have. Some of the hardest working, most productive people are literally penalized for their hard work with low wages, abusive hostile work environments and a system setup to ensure they are enslaved through debt in order to survive. Most are used, abused, and then thrown away once they get older. Many continue to work in order to make some sort of living and hoping to someday be at the top of the pyramid while others have had their spirits broken and have literally given up.

[edit on 22-7-2010 by DJM8507]

I read this article. Its just crazy man. Every American should read this. It affects everyone from poor to rich. Its nor just rich people like so many want to think. Bush cut taxes for everyone. Now, due to Congressional inaction, everyone's taxes will go up.

Originally posted by BBC The1

Originally posted by LOLZebra
Why stop at 39.6% ?

Let's be more like the euro-socialists and hike that 35% up to 59% so we can be more like DENMARK (the happiest nation in the world!)

just wanted to respond to that line, as a resident of said country !
Dont believe what the MSM is telling you (happiest ppl in the world, Bah) Actually i would dare to say that most danes dont like paying 40% in tax on their income ,and then pay 25% in VAT on items they buy in stores.(the 40& is on LOW incomes btw)
just wanted to point out that if MSM say people are happy ,dosnt mean they actually are.

They have been brainwashing in american universities for years about how so many paying so much over in europe are so happy and everything is wonderful.

reply to post by dbloch7986



"And there arose in Egypt a pharaoh that knew not Joseph"




[edit on 23-7-2010 by Logarock]

reply to post by Libertygal


You're absolutely right, myself and the rest of the 60% of the nation are just too lazy and too envious to propel ourselves forward to that $200,000 a year mark.

The average wage in this country is $54,000. Think about that...how many people have to be making the very least amount of money in order to offset your $200k to that level? Even a 1:1 ratio of $0/year to your $200k is averaged at $100k. In a more narrow perspective of the math I could say that for every person making $200k/year there are 3 people making nothing.

As far as the discussion on estate tax goes, who's to say you earned that income? How do I know you're not raking in all that from when mom and dad died and left you as the sole owner of their 'family' business? Is it possible that someone in such a position was simply conditioned into their wealth rather than 'working' for it? You could be another Paris Hilton, someone who appears to contribute NOTHING to society or her business...but inherits the family business and wealth.

You're right, Paris, you're right. Sorry for being so lazy and envious. Me and the other 180 million people in this country.

I had been warning my tax clients for the last 3 years about these hikes coming. I retired from tax accounting at the end of 08 because I just didn't want to see the devastation anymore.

People don't realize that these tax increases will effect anyone who pays taxes, not just that magical population "over $250,000". Not only do the tax brackets increase, the marriage penalty comes back, the standard deduction difference between 2 single folks and a married pair comes back, the child tax credit goes back down to $500 (from $1000), dividend rates increase. Unreal! But I guess it doesn't break O's promise "not to raise taxes on those making under $250,000" because he's not actually hiking taxes, he's just letting existing tax decreases sunset.

Just wait to hear the moaning and griping on Jan 1st, 2011 when withholding necessarily increases to cover the increased taxes. When paychecks shrink, people will finally notice.

Unfortunately, we're getting to that magic percentage where almost half of the population does not pay taxes or receives a tax handout (I refuse to call Earned Income Tax Credit a "tax refund" ). Once the takers outnumber the payers, the Republic is doomed.

[edit on 25-7-2010 by Mountainmeg]

I still think it's pretty funny that some posters here are defending the wealthiest 1% like they will ever let you into their little club.

Keep praying to that almighty dollar. Maybe the fortune gods will smile on you someday and give you the wealth you desire. But I doubt it.

The truth is, you will more than likely work hard your whole life for someone who takes your efforts and makes themselves more wealthy, which in turn will make someone above them more wealthy, and when the day comes you want a bigger slice of that pie, they will all claim poverty.

reply to post by whatukno


Oh, here to defend the sunsetting of those tax rate deductions?

That really is not a tax increase, right?

Did you even read anything of the OP or any of the comments?

Well, I guess my arthritis and my bi polar has become too much for me to bear. I guess I better do some investigation into the symptoms of those two afflictions.

Now where is that number for the SS office.

reply to post by endisnighe

Oh, here to defend the sunsetting of those tax rate deductions?

What do I care if they expire, it won't affect me in the slightest.

Besides, weren't those "tax cuts" one of the main reasons that we went from having a budget surplus during the Clinton Era to a budget deficit in the Bush Error (er I mean Era) to begin with?

It's amazing how people somehow think that tax cuts equates to a balanced budget.

Oh but I forgot, that's Tea Party Math, give the wealthiest a tax break and somehow, magically these greedy bastards will be more generous. Well, they have had those tax cuts goin' for quite a while now, how's their generosity?

They trickle down anything to you?

Oh, I forgot, their bets on the great wall street casino went south, so they are all slightly poorer than they were. Guess you don't get any crumbs this year.

Did you even read anything of the OP or any of the comments?

Yes, I did read the article. Fact is, it's an Editorial, it's an opinion piece, written by someone at Investors Business Daily. Now, you can't obviously tell us that it's not an unbiased source right?

I stand by my opinion "screw the rich" What have they done for this country anyway, except for outsource our jobs, freeze hiring, eliminating jobs by the truckload, and denying raises. All the while, you still have the same or more workload.

Do you think the rich give two craps about you? To them, you are nothing more than an expendable commodity. You are a liability to the company. A red number on a page they want filled with black ink.

But again, fiscal responsibility should be paramount to this government, and you can't simply just cut taxes indefinitely and have the unmitigated gall to bitch about budget deficits. That makes no sense whatsoever. You can't cut income without cutting expenses. But that's what the Taxed Enough Already Movement is about right? Reducing taxes without reducing spending? Some new age math that I am unfamiliar with apparently.

reply to post by whatukno


There you go again. Putting words in other people's mouth like no one else can.

Do you make any money there wuk? If you do, your tax rate will go up sorry to say. Unless of course you are one of those that collects each year.

As for the rest of your ventriloquist act, no, most of us realize that spending has to go down. Let us first start with the wars your Dems and the Repubs enjoy so much. Then we can go after the 800 bases in 130 countries to enforce empire. Then we can go after homeland security and the 500,000 intelligence people we have created since 9/11. Then we can go after the DOE, DEA, IRS, and maybe we can seize all the money and assets of this private entity known as the federal reserve.

That right there should chop about 1.8 Trillion off the budget the first year!

Damn, I should run as president! Oh wait, I am an actual real person, not a fictionalized messiah. That would not fly.

Your ventriloquist act will no longer bother me. Pffft, taxes are good for the economy. Hell, look at ol Obama saying it will help extend unemployment at 16-22% for years to come.

YIPPPEEEE!

reply to post by endisnighe

taxes are good for the economy. Hell, look at ol Obama saying it will help extend unemployment at 16-22% for years to come.

Rich people don't have to worry about being unemployed. Their money works for them. What this government SHOULD worry about is the ever shrinking middle class and small businesses.

But go ahead, keep defending your oligarch masters. I am sure they will return the favor Because they care about YOU soooo much.

Damn, I should run as president! Oh wait, I am an actual real person, not a fictionalized messiah.

Well, that and your wish to replace the 13th Amendment might not fly with a lot of voters. But I bet you could become governor of Arizona if you wanted!

[edit on 7/25/2010 by whatukno]

(nevermind)

[edit on 25-7-2010 by kreinhard]